Page 56 - CV June-July 2023 Issue

Impact of COVID-19 Pandemic on India Aluminum Formwork projects, including Statue of Unity, ITPO, Mahatma Mandir,
System Market Growth Agra-Lucknow Expressway, ITC Colombo One, Hyderabad
Metro, Bengaluru metro, and Surat Diamond Bourse. The
In the post COVID-19 era, India's aluminum consumption is observing company has provided its formwork and scaffolding system
a slow recovery and is anticipated to reach ~6-7 million tons by 2025. to make mentioned projects cost-effective. Such initiatives is
With the raw material availability, best-in-class manpower, and value boosting the India aluminum formwork system market
addition through MSMEs, India has the potential to be self-sufficient growth.
and become a global manufacturing hub of aluminum, that will be  South India is witnessing increased expansion in its
beneficial for the aluminum formwork system market in India. residential construction projects. For instance, In June 2022,
Bengaluru-based Brigade Group announced it had signed a
Market Insights– India Aluminum Formwork System Market
Joint Development Agreement (JDA) to develop a large
Increasing Number of Infrastructure Projects to boost the India
residential township in Chennai. The project will have a
aluminum formwork system market
revenue realization of over US$ 180 million in about 5
years. Such developments are anticipated to boost the India
With the developing economy in India, innovative building
aluminum formwork system market.
technologies are transforming the urban landscape. The surge in
 Renewable energy is a leading sector in the power-
construction work across residential, commercial, and industrial
generation industry. As per the India Brand Equity
sectors, owing to the growing urbanization and industrialization, is
Foundation, in 2022, India's renewable energy sector is
expected to drive the growth of the Indian aluminum formwork system
expected to grow with a significant investment of US$ 15
market. The government of India is emphasizing on the additional
billion. Such initiatives increase the demand for aluminum
strengthening of the construction and infrastructural development,
formwork solutions for power-plant construction and energy
which is projected to create lucrative opportunities for the aluminum
projects for future generations. Moreover, formwork
formwork industry. In addition to government support, various
solutions are used for conventional power plants, nuclear
companies are working on infrastructural projects.
power plants, and other public work projects. Therefore,
A few examples are mentioned below: growing infrastructural projects and favorable government
support for strengthening the construction sector in India are
likely to contribute positively to the uptake of India aluminum
 PERI India has expanded their footprints in all construction
formwork system market during the forecast period.
segments in India. The company has worked on landmark

CONSTRUCTION VISION 54 JUNE-JULY 2023